On March 31, Paxos’s application for a new bank charter expired
Key Points:
- On March 31, Paxos’s initial application for a new bank charter, which was made in December 2020, ran out of time.
- The OCC gave the company 18 months to implement the business plan.
- The stablecoin issuer’s current operations are unaffected by the expired application.
According to the records maintained by the U.S. Office of the Comptroller of the Currency (OCC), the stablecoin issuer Paxos’s application for a national banking license that was submitted in December 2020 ran out of time at the end of March.
The Block was informed by a spokesperson that Paxos’s current business was unaffected by the application’s expiration. In the near future, the company will determine the next steps, which may include applying again for OCC supervision.
The announcement comes nearly two years after the OCC granted preliminary conditional approval to the company’s application to establish Paxos National Trust, New York. Paxos was granted permission to divide its operations into two businesses, one of which is subject to national regulation and the other to the same regulations as before.
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In recent months, the banking ambitions of the stablecoin issuer have come under scrutiny. Paxos was confronted in February with allegations that the OCC had advised it to withdraw its application for a license as a national trust bank.
The OCC gave Paxos 18 months to implement the business plan. The company would now be able to hold money and cryptocurrency, offer stablecoin services across the country, and run a national exchange with the approval.
State and government authorities are likewise making a move against the company. In February, the stablecoin issuer was informed by the Securities and Exchange Commission (SEC) that the SEC was looking into the BUSD stablecoin project it was working on with Binance.
The New York Department of Financial Services also told Paxos to stop issuing BUSD, and the company later said it had stopped making the token.
Paxos demonstrated its commitment to client asset preservation and robust risk management strategy by redeeming more than $7.9 billion in BUSD in 32 days. Its dedication to its customers and strength in risk management can be seen in its ability to redeem more than half of the BUSD that is currently in circulation in just 32 days.
